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What the record says.
Kotak Mahindra Bank reported a standalone PAT of INR 3,253 crore for Q2 FY26, with NIM at 4.54% and credit costs declining to 79 bps from 93 bps QoQ. Advances grew 16% YoY and deposits 15% YoY, with CASA ratio improving to 42.3%. The bank maintained strong capital adequacy (CET1 20.9%). Key drivers included stabilization in unsecured credit costs (personal loans normalized, MFI improving, credit cards plateauing) and cost control (OpEx flat YoY). However, stress persists in retail CV and rural segments. Management expects gradual NIM improvement from deposit repricing and further moderation in credit costs in H2. Risks include potential further repo rate cuts, elevated stress in CV, and slower-than-expected unsecured book rebuild.
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Guidance to track
- Management expects NIM to improve gradually in H2 FY26 as deposit repricing benefits flow through, assuming no further repo rate cuts.
- Credit costs are expected to continue moderating in H2, with personal loan normalized, MFI improving, and credit cards stabilizing.
- Management aims to gradually rebuild the unsecured retail book (credit cards, personal loans) with disciplined underwriting, targeting growth in coming quarters.
Risks flagged
- Stress in the retail commercial vehicle segment continues, with management expecting elevated credit costs for a few more quarters.
- If the RBI cuts rates further, NIM improvement may be delayed as deposit repricing benefits could be offset.
- Credit card book declined 7% despite embargo lift; management is cautious on ramping up, which may delay revenue growth.
Key quotes
- We expect credit costs to gradually moderate over the next two quarters.
- We don't want to do anything crazy. We want to make sure that we're going to get this right.
- Our focus will now be to gradually build back our retail unsecured business.
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